BANGALORE: After introducing an augmented reality feature in its mobile app, Axis Bank is yet again tapping into the possibilities of technology as it launches NFC payments on GOQii's fitness wearable devices today. The bank also opened an innovation lab called 'Thought Factory', which is a first for any Indian bank.

"We are increasingly gravitating towards creating experiences for customers rather than just providing services for them," said Rajiv Anand, executive director of Axis Bank. "With customer needs changing, innovation has become the key in the banking sector today," he added.

In line with this, the bank has partnered with fitness wearable startup GOQii to integrate NFC payments on its platform. "This is the first time that fintech and health are coming together in the Indian startup ecosystem and the possibilities going forward hold a lot of promise," said Vishal Gondal, founder and CEO of GOQii.

To further this cycle, Axis bank has also opened an innovation lab that would focus on developing inventive tech solutions that can improve consumer experience in banking. The bank has identified 120 startups for this initiative three month mentorship program.

The lab will also host accelerator programs for startups who will work closely with 'intrapreneurs' from Axis. To this end, the bank has partnered with Amazon and Singapore-based OCBC Bank who will address tech-related questions by these startups.

"With this initiative, we are creating a vibrant ecosystem of startups, innovators and investors," says Anand. "The potential is immense and can take consumer banking to the next level," he adds.